TRG Pakistan discloses arbitration setback for Zia Chishti
MG News | March 03, 2025 at 09:30 AM GMT+05:00
March 03, 2025 (MLN): TRG Pakistan Limited (PSX: TRG) disclosed that a U.S. arbitrator has denied a motion filed by its former CEO, Mr. Zia Chishti, seeking to halt Greentree Holdings Limited’s (GHL) tender offer and accelerate the company’s board elections.
The motion, initially filed on January 28, 2025, was rejected in an order issued on February 28, 2025.
This marks the second such ruling against Mr. Chishti, as an earlier motion for preliminary relief, filed on November 29, 2024, to restrict GHL’s voting rights in board elections, was also denied by the arbitrator on December 9, 2024, the company's filing on PSX revealed today.
In a separate arbitration involving The Resource Group International Limited (TRGIL), a partial final award issued in January 2025 found Mr. Chishti in material breach of a share purchase agreement due to unauthorized pledges and sales of TRG Pakistan shares.
As a result, he has been ordered to comply with the agreement's provisions and pay TRGIL’s reasonable attorney fees and arbitration costs.
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